KINGFISHER AIRLINES OWES RS 506 CR TO HPCL
Mumbai,India : Vijay Mallya-run Kingfisher Airlines owes state-run Hindustan Petroleum Corporation Limited (HPCL) Rs 505.53 crore in jet fuel dues, according to HPCL's annual report.
Kingfisher Airlines however, owes this due against a bank guarantee to HPCL to the tune of Rs 434 crore, says HPCL.
“If Kingfisher fails to pay our dues, we have the option of encashing the bank guarantee. But as of now we are hopeful that the entire dues will be realised,” a senior official from HPCL told Business Standard.
HPCL is Kingfisher's biggest aviation fuel supplier. This March, due to non-payment of dues, HPCL had snapped fuel supplies to Kingfisher, grounding its flights, temporarily.
19/09/2012 : Kalpana Pathak. / Business Standard.
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